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Low oil prices hurting some US shale operations; slumping oil prices putting pressure on drillers

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“Unless there’s a significant reversal in oil prices, we’re going to see continued declines in the rig count, especially those drilling for oil,” James Williams, president of WTRG Economics, told Fuel Fix in an interview. “We We could easily see the oil rig count down 100 by the end of the year, or more.”

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Oil Well Strippers Suffering From Low Oil Prices

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With OPEC breaking down and any kind of coordination among its members on price cuts looking increasingly unlikely, it now appears that oil prices could remain below $50 a barrel for a year or more. Stripper-operated wells account for all of the oil production in the state of Illinois, for instance.

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Opinion: Oil Price War May Benefit both US Shale and Saudi Arabia

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Even as financial commentators on CNBC are starting to come around to the idea of a bottom in oil prices, the key question for US oil producers remains one of timing. How long will the oil price slump last? After the oil price crash in 1985, it took almost twenty years for prices to revert to previous levels.

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Lux Research: Cost of replacing a barrel of produced oil up 350% in 13 years

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Upstream spending is back to pre-2008 levels as producers, excluding NOCs (national oil companies) and OPEC organizations, are expected to spend close to $270 billion in 2013.

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Huge Backlog Could Trigger New Wave Of Shale Oil

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Some level of DUCs is normal, but the ballooning number of uncompleted wells has repeatedly fueled speculation that a sudden rush of new supply might come if companies shift those wells into production. The latest crash in oil prices once again raises this prospect. The calculus on completing wells can cut two ways.

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IHS Markit: US oil production growth heading for a major slowdown, as capital discipline and weak prices play out

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This comes at a time when companies are facing a prolonged period of lower prices and when access to financing from capital markets has become difficult, the report says. The combination of closed capital markets and weak prices are pulling cash out of the system. —Raoul LeBlanc. —Raoul LeBlanc.

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Alternative Fuel Technologies, Inc. Receives New Order for DME Feed Pumps From Shanghai Diesel Engine Company

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has built and delivered 12 dimethyl ether (DME) feed pumps to Shanghai Diesel Engine Company. The company developed this first generation feed pump several years ago and has sold units into Korea, to the Korean Institute for Energy Research, and to a European engine manufacturer. Alternative Fuel Technologies, Inc.